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229 East 60Th Street, Nyc EXCLUSIVE OFFERING MEMORANDUM 229 east 60th Street, nyc BESEN INVESTMENT SALES TEAM Greg Corbin Executive Managing Director (646) 424-5077 [email protected] Aaron Kline Associate (646) 472-8747 [email protected] Miguel Jauregui Director (212) 951-8402 [email protected] Fritz Richter Associate (646) 424-5061 [email protected] Leah Chen Associate (646) 604-7020 [email protected] Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected] Besen & Associates 381 Park Avenue South New York, NY 10016 Tel: (212) 689-8488 Fax: (212) 689-9518 EXECUTIVE SUMMARY the galleum building EXECUTIVE SUMMARY EXECUTIVE SUMMARY Besen & Associates, as exclusive agent for the Prince of Monteagudo, is pleased to offer for sale 229 East 60th Street, New York, NY 10022 (the “Galleum” or “Property”), an exceptional investment opportunity to purchase and reposition a vacant mixed-use building. The Galleum is a spectacular, newly re-constructed, 5,540± sq ft (above-grade), five story mixed-use building, with an ADA approved elevator, private garden, large rear veranda, and a roof deck that provides 360 degree panoramic NYC views. The Property is found on the north side of 60th Street between Third and Second Avenues in the heart of Manhattan’s Midtown East Decoration & Design District. The property benefits from incredible access to public transportation, neighborhood attractions, restaurants, retail, and local amenities. Within one block is the Lexington Avenue/59th Street subway station servicing the 4,5,6 and N,R&W trains, and three blocks north is the entrance to the subway servicing the F and new Second Avenue Q train. Nearby attractions include the Bloomingdale’s Flagship Store, Central Park, the Decoration & Design Building, the Church of Our Lady Peace, Trinity Baptist Church, and the headquarters to the United Nations. INVESTMENT & PROPERTY HIGHLIGHTS The Galleum was taken down to the studs and underwent a no expense spared, three-year rebuild that was completed in June 2016. Only the finest materials were sourced and used from top to bottom. The construction features include: new steel beams throughout, new electrical and plumbing throughout, LED lighting throughout, new Mitsubishi HVAC system, high-speed (60 feet-per-minute) 4’X7’ elevator that services the roof, three hospitality kitchens, walnut slab vanities, custom glass shower enclosures, new thermal window and doors, new concrete floors in the basement, state-of-the-art security system with card readers and 16 security cameras, new roof with 25-year warranty, Vermont Slate floors on the first, second, and third floors, new oak floors on the 4th and 5th floors, and a custom-designed marble garden. The Certificate of Occupancy permits retail and/or commercial offices/showroom on the first, second, and third floor and residential on the fourth and fifth floors. Currently the residential component of the building consists of two (2) one-bedroom floor-through apartments, one per floor. Additional air rights are intact so further development is possible. PRICE: $8,875,000 229 East 60th Street, New York, NY 10022 | xx PROPERTY OVERVIEW the galleum building PROPERTY OVERVIEW PROPERTY OVERVIEW Neighborhood Lenox Hill Location North side of East 60th Street between Second and Third Avenues Block / Lot 1415 / 14 Lot & Built Size 20’ x 100.42’ (Built 50’) Lot Size 2,008± SF Gross Building Area 5,540± SF Stories 5-Story Elevator Building Zoning R8B FAR (built / allowed) 2.76 / 4.0 Year Built Circa 1920 | Gut Renovated 2016 Assessment & Taxes (18/19) $2,916,000 / $123,748 TAX MAP EAST 61st STREET 2 nd AVENUE Block 1415 AVENUE rd 3 EAST 60st STREET 229 East 60th Street, New York, NY 10022 | xx LOCATION MAP 229 East 60th Street AERIAL MAP Central Park Upper East Side Lenox Hill 229 East 60th Street 229 East 60th Street, New York, NY 10022 | xx the galleum building PROPERTY PHOTOS FLOOR PLANS the galleum building LOCATION OVERVIEW LENOX HILL The neighborhood is named for the hill that “stood at what became 70th Street and Park Avenue.” The name “Lenox” is that of the immigrant Scottish merchant Robert Lenox (1759-1839), who owned about 30 acres of land “at the five-milestone”, reaching from 5th Avenue to 4th Avenue and from East 74th Street to 68th Street. For the sum of $6,420 ($103,000 in current dollar terms) he had purchased a first set of three parcels in 1818, at an auction held at the Tontine Coffee House of mortgaged premises of Archibald Gracie, in order to protect Gracie’s heirs from foreclosure, as he was executor of Gracie’s estate. Several months later he purchased three further parcels, extending his property north to 74th Street. According to one source, “Thereafter these two tracts were known as the ‘Lenox Farm.’” The tenant farmhouse stood on the rise of ground between Fifth and Madison avenues and 70th and 71st Streets, which would have been the hill, if the property had ever been called “Lenox Hill.” The railroad right-of-way of the New York & Harlem Railroad passed along the east boundary of the property. Robert Lenox’s son James Lenox divided most of the farm into blocks of building lots and sold them during the 1860s and 1870s; he also donated land for the Union Theological Seminary along the railroad right-of-way, between 69th and 70th Streets, and just north of it a full square block between Madison and Fourth Avenue, 70th and 71st streets, for the Presbyterian Hospital, which occupied seven somewhat austere structures on the plot; He built the Lenox Library on a full block-front of Fifth Avenue, now the site of the Frick Collection. Lenox Hill is serviced by the New York City Subway’s 68th Street–Hunter College station on the 4, 6, and <6> trains. Bus routes include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, M103. RETAIL 229 East 60th Street, New York, NY 10022 | xx RETAIL RETAIL 229 East 60th Street, New York, NY 10022 | xx RETAIL MAP E 63rd ST CENTRAL PARK E 62nd ST E 61st ST FIFTH AVENUE E 60st ST TRAMWAY PARK TRAMWAY TO PARK AVENUE PARK ROOSEVELT ISLAND MADISON AVENUE LEXINGTON AVENUE THIRD AVENUE SECOND AVENUE E 59th ST GRAND ARMY PLAZA E 58th ST E 57th ST E 56th ST 58TH STREET 60TH STREET 1. CB2 21. Dylan’s Candy Bar 32 34 2. Hastens 22. Anassa Taverna E 61st ST 3. Waterworks 23. Flywheel Sports 33 4. Ilumé 24. Patsy’s Pizzeria 5. Koleksiyon Furniture 25. Canaletto THIRD AVENUE 6. sohoConcept 26. Serendipity 21 23 26 27 29 30 31 7. Duxiana 27. Venfield E 60st ST 8. Club A Steakhouse 28. Alt Box 22 24 25 28 TRAMWAY 9. Auffrance 29. John Salibello PARK 10. Felidia 30. Ann-Morris Inc. TRAMWAY TO 31. Pascal Boyer ROOSEVELT 11 14 15 20 ISLAND 59TH STREET 61ST STREET SECOND AVENUE E 59st ST 11. McKinnon and Harris 32. Scalinatella 12. Waterworks 33. Learning Express Toys 12 13 16 17 18 19 13. Lutron 34. InVite Health 14. Janus et Cie 1 3 4 6 7 9 10 15. The Shade Store E 58st ST 16. Lapicida 229 East 60th Street 17. Galerie Van Den Akker 2 5 8 18. Michael Dawkins Home 19. Safavieh Carpets 20. De Gournay UNITED NATIONS MAP 65th TRAVERSE E 65th ST 34 35 36 CENTRAL E 64th ST E 64th ST PARK 33 rd ZOO E 63 ST E 62nd ST 2 THE POND CENTER DRIVE WEST DRIVE 229 East 60th Street AVENUE th th th E 60 ST E 60 ST YORK AVE 5 3 4 QUEENSBOROUGH BRIDGE CENTRAL PARK SOUTH E 59th ST th th th W 58 ST E 58 ST LEXINGTON AVE E 58 ST 48 6 5 W 57th ST E 57th ST CARNEGIE HALL E 56th ST 37 E 56th ST 7 8 9 E 55th ST W 54th ST E 54th ST E 54th ST MoMA 16 rd AVE E 53 ST th 7 10 11 13 14 46 st W 51 ST 49 AVE PARK AVENUE OF THE AMERICAS AVENUE 12 17 th AVE ST PATS E 50 ST st 15 47 1 ROCKEFELLER 18 FRANKLIN DELANO ROOSEVELT DR CENTER W 48th ST 50 22 21 27 20 28 29 th MADISON AVE BROADWAY W 47 ST AVE 26 23 24 25 30 th 5 19 E 46th ST 39 38 32 31 44 W 45th ST E 45th ST 40 42 th UNITED E 44 ST MIDTOWN NATIONS TIMES SQUARE 41 43 1. Consulate General of Bulgaria 18. Consulate General of Germany 35. Permanent Mission of Pakistan 2. Permanent Mission of Somalia 19. Embassy of the Republic of Kenya 36. Permanent Mission of the Russian 3. Consulate General of the Arab Republic 20. Consulate General of Ukraine Federation of Egypt 21. Consulate General of Nepal 37. Colombian Permanent Mission 4. Permanent Mission of Cambodia 22. Consulate General of Japan 38. Permanent Mission of Brazil 5. Consulate General of Spain 23. Consulate General of Sweden 39. Permanent Mission of Poland 6. Consulate General of the Republic of 24. Permanent Mission of Denmark 40. Costa Rican Permanent Mission Korea 25. Consulate General of Belgium 41. Permanent Mission of India 7. Consulate General of Argentina 26. Consulate General of Jamaica 42. Permanent Mission of Syria 8. Consulate General of Slovenia 27. Consulate General of Peru 43. Permanent Mission of Malaysia 9. Permanent Mission of Zimbabwe 28. Consulate of the Republic of 44. Permanent Mission of the Republic of 10. Consulate General of Ireland Singapore Korea 11. Irish Consulate 29. Consulate General of Estonia 45. Permanent Mission of Canada 12. British Consulate General 30.
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